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Association Update

New conference to examine cyber-security issues; New York Clearing House adds features to its CHIPS payment network; The FX Alliance implements tools from HelioGraph.

The Cyber-Security Summit, An Interactive Senior Executive Symposium, will take place Tuesday December 11, at the The Ritz-Carlton Hotel, Washington, D.C.

The event, which has attracted CIOs and other senior executives from organizations including Sun Microsystems, IBM and Merrill Lynch, will examine a host of Internet security issues, such as how a coordinated cyber attack could impact U.S. businesses, the kinds of attacks corporations are especially vulnerable to and how technology can strengthen networks. The conference will also examine how corporations are funding enhanced cyber-security and the impact of legislation currently in the works on Capitol Hill.

For more information, contact Dara Newman [email protected]


The New York Clearing House has enhanced the offerings on its Clearing House Interbank Payments System (CHIPS) payment network.

These additions, which are fully operational, include a robust EDI capability and a real-time final netting system for U.S. dollar-based electronic payments.

"CHIPS is using its leading-edge technology to bring real-time final settlement to international payments while maximizing a bank's intraday liquidity," said Jeffrey P. Neubert, president and CEO of the New York Clearing House. "With our successful conversion earlier this year to a real-time final netting system, CHIPS now offers the highest value and functionality in international electronic payments."

CHIPS will now offer many advantages for international payments, according to John Mohr, CHIPS COO. "CHIPS' new ability to do real-time netting means that bottlenecks that slow the payment process will be eliminated. Because the banks pre-fund their payment activity, a payment is final as soon as it is released. That means the credit risk is eliminated--no need to manage collateral, weigh the credit of other participants, or to set bilateral net credit limits. Not only is it safer, it's much easier to manage."

Finality is achieved through pre-funding in central bank funds and real-time multilateral netting, which continually offsets payments between two or more bank participants.

In addition to Finality, CHIPS now includes a fully operational EDI capability that provides bank customers with payment-rich information details. "It's a capability our banks and their corporate customers have needed for a long time," said William Rhodes, vice chairman of Citigroup and chairman of CHIPS. "Corporations already have very sophisticated accounts receivable processes. Now the linking of the payment to the invoice data will greatly speed the process while reducing payment risk and operating expense."

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The FX Alliance (FXall), a secure, Internet-based foreign-exchange trading platform with 20 bank members, has implemented tools from HelioGraph, a specialist in financial messaging technology, to provide important new business benefits to its customers.

FXall is implementing HelioGraph's Helio Message Broker and Helio TradeFlow products to enhance and expand post-processing technology for its customers, including major banks and corporations. HelioGraph's platform will allow FXall to further enhance its full STP suite of products, which was implemented earlier this year.

Helio Message Broker is HelioGraph's middleware platform, allowing routing to multiple destinations based on rules with limitless complexity, and supporting all industry standards including SWIFT, FiX, GSTPA and Oasys. Helio TradeFlow combines a matching engine, ETC (Electronic Trade Confirmation) and ETS (Electronic Trade Settlement) components to form a complete STP solution to manage the entire post-trade process.

"This is great news for Fxall's customers," said Jack Lemonik, CTO, Fxall. "HelioGraph's cutting-edge technology will allow foreign exchange participants to do quicker, more efficient, and cheaper trading through Fxall's portal. Using the HelioGraph TradeFlow engine, FXall will add post-trade matching, netting, confirmation, settlement instructions and notification capabilities. Furthermore, HelioGraph enables FXall to conform to industry standards, including FIX and SWIFT."

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